S&P/ASX 300 Index (ASX: XKO) stocks ARB Corp Ltd (ASX: ARB) and Amotiv Ltd (ASX: AOV) have a number of things in common.
First, they're both in the auto parts business, with both companies exposed to the 4×4 accessories market.
Second, both ARB and Amotiv have come under selling pressure, which sees both of their share prices down around 12% since this time last year.
Third, both companies pay out fully franked dividends.
ARB shares closed yesterday trading for $38.88 each. This sees the ASX 300 stock trading on a fully franked 4.4% dividend yield.
Amotiv shares closed yesterday changing hands for $8.93 apiece. Amotiv shares now trade on a fully franked 4.6% trailing dividend yield.
And the fourth thing the two auto parts companies have in common is that the team at Macquarie Group Ltd (ASX: MQG) expects both of them to outperform in the year ahead.
Why Macquarie is bullish on these ASX 300 stocks
In Macquarie's new Australian Automotive Sector report, the broker noted:
Sep'25 saw stronger volumes in the Prado, Triton, Hilux and Ranger, while the D-Max, BT, Landcruiser and Navara declining. The 4×4 index benefited from a 1.9k Prado swing which had only 1 vehicle in the pcp. This drove our 4×4/ARB index up +12.3% yoy in Sep'25 (+8.6% Dec half to date), while our APG/AOV index declined -9.3% (-8.1% Dec half to date).
We have an OP on AOV and ARB. AOV's val is attractive (c11x FY26e PE) with achievable FY26 guidance. We remain positive on ARB's offshore growth opportunities, which showed growth acceleration at the recent result (c31x FY26e PE).
The broker has an outperform rating on ARB with a 12-month price target of $44.90 a share. That's 15% above where the ASX 300 stock closed on Tuesday. And it doesn't include those upcoming dividends.
Macquarie also has an outperform rating on Amotiv, with an $11.66 12-month price target. That represents a potential upside of 31% from yesterday's close. And it also doesn't incorporate the dividends from the upcoming year.
What's been happening with ARB and Amotiv shares?
Amotiv reported its full-year FY 2025 results on 13 August.
The ASX 300 stock achieved a 1% year-on-year increase in revenue to $997.4 million. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $226.4 million were up 1.2% from FY 2024.
ARB reported its FY 2025 results on 19 August. Although sales revenue was up 5.3% year on year to $730 million, net profit after tax declined by 5% to $98 million.
The ASX 300 stock ended the financial year with cash reserves at $69 million and no debt.
